The global hardwood flooring market size is projected to grow to $62 billion in 2028 with a revenue compound annual growth rate of 4.3%, according to a market research report by Reports and Data.
The report attributes the growth to increasing demand for better aesthetics, robust durability in flooring options and the cost-effectiveness of hardwood flooring.
“A primary advantage of hardwood flooring is its flexibility and versatility to adapt to nearly all kinds of themes for interior home design,” the report states. “Also, high durability and better wear and tear resistance of both engineered and solid product types are factors resulting in increasing preference.”
Rising industrialization and urbanization in countries like China and India is also contributing to the hardwood flooring market’s revenue growth. In 2018, engineered wood flooring accounted for a 28.8% share of the total flooring market revenue in China. The report states that there are approximately 3,000 wood flooring producers in China, with more than 1,200 manufacturers capable of manufacturing both engineered hardwood and laminate flooring products.
The full analysis by Reports and Data can be purchased here.
